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Semi-transparent photovoltaic devices for building integrated applications have the potential to provide simultaneous power generation and natural light penetration. CuIn 1 − x Ga x Se 2 has been established as a mature technology for thin-film photovoltaics; however, its potential for Semi-Transparent Photovoltaics (STPV) is yet to be explored. In this paper, we present its carrier transport physics explaining the trend seen in recently published experiments. STPV requires deposition of films of only a few hundred nanometers to make them transparent and manifests several unique properties compared to a conventional thin-film solar cell. Our analysis shows that the short-circuit current, J sc , is dominated by carriers generated in the depletion region, making it nearly independent of bulk and back-surface recombination. The bulk recombination, which limits the open-circuit voltage V oc , appears to be higher than usual and attributable to numerous grain boundaries. When the absorber layer is reduced below 500 nm, grain size reduces, resulting in more grain boundaries and higher resistance. This produces an inverse relationship between series resistance and absorber thickness. We also present a thickness-dependent model of shunt resistance showing its impact in these ultra-thin devices. For various scenarios of bulk and interface recombinations, shunt and series resistances, A V T , and composition of CuIn 1 − x Ga x Se 2 , we project the efficiency limit, which—for most practical cases—is found to be ≤ 10% for A V T ≥ 25%. [ABSTRACT FROM AUTHOR]